How do firms learn to successfully acquire other firms? The authors first review early work, mostly from the 1980s to the mid-1990s, testing the learning curve perspective on acquisitions and ...exploring some contingencies. They then discuss three more recent streams of research on negative experience transfer, deliberate learning mechanisms, and learning from others, which provide deeper insight into the contingencies and mechanisms of organizational learning in strategic settings such as acquisitions. The article concludes with an agenda for future research.
In this paper, I empirically investigate the determinants of migration inflows into 14 OECD countries by country of origin between 1980 and 1995. I analyze the effect on migration of average income ...and income dispersion in destination and origin countries. I also examine the impact of geographical, cultural, and demographic factors as well as the role played by changes in destination countries' migration policies. My analysis both delivers estimates consistent with the predictions of the international migration model and generates empirical puzzles.
This study presents the findings of a comprehensive investigation of academic leadership in tourism research, as measured by the quantity of articles published in eight journals in the field between ...1985 and 2004. Fifty-seven of the most prolific scholars have been identified as leading scholars, each of whom has published at least 11 articles in the period under study. The general profile of these scholars was further documented through a detailed examination of their educational background, institutional affiliation, multi-authorship, and gender. Based upon previous literature, this study adds more value by exploring a wider variety of journals over a longer time frame and by collecting additional relevant information.
Does Corporate Diversification Destroy Value? Graham, John R.; Lemmon, Michael L.; Wolf, Jack G.
The Journal of finance (New York),
April 2002, Letnik:
57, Številka:
2
Journal Article
Recenzirano
Odprti dostop
We analyze several hundred firms that expand via acquisition and/or increase their number of business segments. The combined market reaction to acquisition announcements is positive but acquiring ...firm excess values decline after the diversifying event. Much of the excess value reduction occurs because our sample firms acquire already discounted business units, and not because diversifying destroys value. This implies that the standard assumption that conglomerate divisions can be benchmarked to typical stand-alone firms should be carefully reconsidered. We also show that excess value does not decline when firms increase their number of business segments because of pure reporting changes.
Immigration increased Israel's population by 12 percent between 1990 and 1994, after emigration restrictions were lifted in an unstable Soviet Union. Following the influx, occupations that employed ...more immigrants had substantially lower native wage growth and slightly lower native employment growth than others. However, because the immigrants' postmigration occupational distribution was influenced by relative labor market conditions across occupations in Israel, Ordinary Least Squares estimates of the immigrants' impact on those conditions are biased. Instrumental Variables estimation, exploiting information on the immigrants' former occupations abroad, suggests no adverse impact of immigration on native outcomes.
This paper examines how robust economic, political, and demographic variables are related to water and air pollution. Employing Bayesian Averaging of Classical Estimates (BACE) for a cross section of ...47 countries, 34 variables and 3 proxies for air and water pollution over a period from 1980 to 2000 we confirm the environmental Kuznets curve hypothesis and highlight the relevance of variables that are not directly related to production.
This paper compares the innovation performance of established pharmaceutical firms and biotech companies, controlling for differences in the scale and scope of research. We develop a structural model ...to analyze more than 3,000 drug research and development projects advanced to preclinical and clinical trials in the United States between 1980 and 1994. Key to our approach is careful attention to the issue of selection. Firms choose which compounds to advance into clinical trials. This choice depends not only on the technical promise of the compound, but also on commercial considerations such as the expected profitability of the market or concerns about product cannibalization. After controlling for selection, we find that (a) even after controlling for scale and scope in research, established pharmaceutical firms are more innovative than newly entered biotech firms; (b) older biotech firms display selection behaviors and innovation performances similar to established pharmaceutical firms; and (c) compounds licensed during preclinical trials are as likely to succeed as internal compounds of the licensor, which is inconsistent with the "lemons" hypothesis in technology markets.
The relationship between product architecture (PA) and a firm’s make or buy (M-B) sourcing decision has been a topic of interest over the past several years. However, the interplay between PA and a ...firm’s M-B decision and its impact on performance is still underexplored. This study draws on transaction cost economics and the knowledge-based view within the framework of the PA and sourcing strategy literature to develop a causal model concerning the relationship between PA and the M-B sourcing decision and its implication for technological and financial performance via an investigation of the bicycle freewheel and derailleur markets from 1980 to 1995. The study readily provides theoretical reasoning as to why firms should choose an M-B sourcing strategy in the context of integral-modular PAs. It also suggests the need for further theoretical and empirical investigation of the relationships between PA type and the M-B choice and of the resulting impact of the sourcing decision on performance.
In the three-year period following stock market liberalizations, the growth rate of the typical firm's capital stock exceeds its pre-liberalization mean by an average of 4.1 percentage points. ...Cross-sectional changes in investment are significantly correlated with the signals about fundamentals embedded in the stock price changes that occur upon liberalization. Panel-data estimations show that a 10-percentage point increase in a firm's expected future sales growth predicts a 2.9- to 3.5-percentage point increase in the growth rate of its capital stock. Country-specific changes in the cost of capital drive changes in investment but firm-specific changes in the cost of capital do not.
International Momentum Strategies Rouwenhorst, K. Geert
The Journal of finance (New York),
February 1998, Letnik:
53, Številka:
1
Journal Article
Recenzirano
International equity markets exhibit medium-term return continuation. Between 1980 and 1995 an internationally diversified portfolio of past medium-term Winners outperforms a portfolio of medium-term ...Losers after correcting for risk by more than 1 percent per month. Return continuation is present in all twelve sample countries and lasts on average for about one year. Return continuation is negatively related to firm size, but is not limited to small firms. The international momentum returns are correlated with those of the United States which suggests that exposure to a common factor may drive the profitability of momentum strategies.
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